The cryptocurrency market is known for its volatility and unpredictability, and one aspect of this is the emergence of “shitcoins” – digital tokens with little to no real-world value. Recently, there has been buzz surrounding Ethereum co-founder Vitalik Buterin’s decision to sell some of these tokens, sparking speculation and discussion within the crypto community.
Some have speculated that Buterin’s token sell-off was due to the bear market situation, while others believe he may have wanted to avoid these tokens counting as income on his tax sheet.
In his spree of early morning selling, Vitalik Buterin, co-founder of Ethereum, has unloaded several low-cap alt-coins, setting off a wave of criticism–many in meme form.
After Vitalik flipped 50B Mops for 1.25 Ethereum($2,000), 10 billion Cult for 58 Ethereum($91,000), and 500 trillion Shik whop a whopping 380 Ethereum ($600,000), Twitter kicked in and did what it does best.
@Gainzy222 trolls shill culture
founders still sending vitalik free coins so he can dump them on the open market and turbo nuke their projects
great use of funds, stupendous marketing, highly +ev, what could go wrong pic.twitter.com/2J3RPQ9Gvw
— gainzy (@gainzy222) March 7, 2023
One man’s trash, is @GonSendIt’s gain
GooGoo GaGa We’re stacking all the tokens we’re getting #FromVitalik @vitalikerc20 wen @VitalikButerin tweet we go GIGA 0/0 tax #vitalik next $Tyrant $The Millions programmed pic.twitter.com/n5gQE4GPnO
— 🩸 DR. DRIP 🩸 (@GonSendIt) February 25, 2023
Some think its dumb people are making a big deal when he never asked for the Tokens to begin with
I honestly think it’s really dumb to send him tokens that he didn’t ask for. If $CULT picks up speed he could very well dump the rest of it.
— Pisen (@pisen900) March 7, 2023
Following the transactions, the tokens experienced a natural price crash, with the exception of Mops, which inexplicably surged by over 85%. Cult saw a decrease of over 8%, Shik nearly 70%, and BITE over 6%. Despite Buterin’s dumping, the tokens seem to have benefited from the attention.
Mops has surged 216% in value over the last 24 hours. Prompting some funny tweets also.
$MOPS & $OHMI & $BPEG 🤔Who will perform best in the market#1000xGems pic.twitter.com/Hn1s8TQjrj
— 羊咩的鲸鱼 (@EthSheepwhale) March 7, 2023
Then those bullish on CULT
The reason for this occurrence remains unclear, but similar crashes in tokens have resulted from Buterin’s token dumps in the past. However, Shiba Inu (SHIB) has experienced a remarkable surge in value since its dump. The project has endeavored to rebrand itself as more than just a meme coin and provide greater utility to its users.
Speculation of Vitalik as a low-cap market whisper?
One of the things I hear constantly “what if a guardian sells?” Well @VitalikButerin showed us exactly what happens the chart dips 9% and the dip gets eaten and the $cult treasury gets filled.
So… ✅nothing happens if a guardian sells
— StillCoSDAO🩸🩸🩸 (@SCRPTX_) March 7, 2023
@MPtherealMVP walked so Vitalik could run
vitalik dumping his sh*tcoins pic.twitter.com/LySPLar5OL
— Dorian Batycka (@temp_projects) March 7, 2023
@LilMoonLambo predicts baller activity ahead
Vitalik dumping $BITE sent it to price discovery just nowpic.twitter.com/v7H5aGX4TM
— LilMoonLambo (@LilMoonLambo) March 7, 2023
Read the full article here
Discussion about this post